The Employees Provident Fund Organisation (EPFO) has taken measures to prohibit its officers from processing claims associated with Paytm Payments Bank, a subsidiary of Paytm, affecting nearly 30 crore EPFO subscribers.
This move follows the Reserve Bank of India’s (RBI) directive to Paytm Payments Bank to cease accepting new deposits after February 29.
The EPFO restriction is expected to impact timely withdrawals and credit transactions for subscribers with accounts in Paytm Payments Bank.
Subscribers affected by this measure are advised to update their bank account details to ensure continued access to their EPFO corpus. The action against Paytm Payments Bank by regulatory authorities raises concerns about compliance and its potential impact on customers.